- Robinhood will launch the crypto choices to clients in Singapore by way of Bitstamp
- The retail investing agency acquired Bitstamp for $200 million in June 2024.
Robinhood, a preferred retail investing platform, has revealed plans that would see it increase its crypto product providing to Singapore earlier than the tip of 2025.
In a report on Tuesday, Bloomberg mentioned Robinhood Markets was eyeing the entry into Singapore by way of its just lately acquired crypto platform Bitstamp.
Robinhood’s growth plans via its European-based digital-assets trade can even embrace a foray throughout the Asia-Pacific area.
In accordance with Robinhood Crypto VP and common supervisor Johann Kerbrat, the corporate’s effort will contain native native regulators. Whereas the platform has not provided a particular launch date, the expectation is that the crypto companies and merchandise will probably be out there to Singaporean clients earlier than the tip of 2025.
Kerbrat shared the general plan throughout an interview with Bloomberg Information.
The Bitstamp deal
Robinhood introduced its acquisition of the Luxembourg-based Bitstamp in June 2024, with the $200 million deal anticipated to shut within the first half of 2025.
On the time of the preliminary announcement, Robinhood’s plans had been to leverage Bitstamp’s trade know-how to speed up its international growth. Bringing crypto merchandise to customers in Singapore is a part of this aim.
In October final 12 months, Robinhood Crypto unveiled crypto transfers for its clients in Europe. The replace allowed EU customers of the app to deposit and withdraw over 20 cryptocurrencies, together with Bitcoin, Ethereum, Solana, and the USDC stablecoin.
Robinhood’s enterprise is regulated by the US Securities and Trade Fee (SEC) and the Monetary Trade Regulatory Authority (FINRA). The corporate additionally holds the BitLicense from the New York State Division of Monetary Providers.
In the meantime, Bitstamp has secured greater than 50 regulatory approvals, with licenses in Singapore, the UK and the EU.
